The South Korean government is expanding financial support for small businesses struggling with high interest rates and inflation. The scale of the 'Small Business Dream Package' for diligent repaying small business owners will increase from 10.5 trillion won to 12.3 trillion won, with 7.8 trillion won allocated specifically for management support.
Lee Ok-yeon, chair of the Financial Services Commission, announced the revised Dream Package during the opening ceremony of the Gwangju Comprehensive Support Center and a meeting with local small business owners on September 30.
The Dream Package, launched in September last year, offers preferential interest rates and limits to diligent repaying small business owners. As of August this year, a total of 18,373 cases have received 57 trillion won in support. The Financial Services Commission decided to expand the support scale in light of ongoing difficulties in the livelihood economy and local businesses.
In addition, the government will introduce a new 1.8 trillion won 'Small Business Management Stabilization Loan' to provide urgent liquidity support for small businesses facing challenges such as declining sales and rising management costs, including raw materials, interest, and labor costs.
Lee stated, "Despite the various support systems available for small business owners, many miss the golden time for overcoming crises due to the demands of their daily operations. We will ensure that small business owners can easily access and receive guidance on various support systems, and we will be a government that stands by them until they can recover."
* This article has been translated by AI.
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